Myspace will be bought by someone you never heard of

Myspace, social networking site that is slowly disappearing from our sight in the Internet, will be acquired by Specific Media and Golden Gate Capital.

The price offered is only around $30 million, which differ much from the $100 million that the company, News Corp. has been aiming for. Significant cut in staff and costs will be made as part of the deal.

Their potential buyers, Specific Media is a large advertising network whereas golden Gate Capital is a private equity firm with $9 billion under management. According to both companies, the acquisition will be meant for music on Myspace. However, we are not sure which rights the site has with music labels will transfer to new owner.





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